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ARTISTIC GREETINGS INCORPORATED - THIRD QUARTER 1993 RESULTS

 ELMIRA, N.Y., Oct. 19 /PRNewswire/ -- Artistic Greetings Inc. (NASDAQ: ARTG) today announced earnings of $365,000, or $.06 per share, for the third quarter ending Sept. 30, 1993, versus $548,000, or $.09 per share in the third quarter of 1992.
 Sales for the quarter increased to $17,496,000 versus $15,846,000 for the same period last year.
 Sales and net income for the quarter were in line with company forecasts made earlier this year. Officials at Artistic said they were pleased with the results following a poor second quarter performance in which the company lost $1,619,000, or $.27 per share.
 The immediate turnaround in performance was attributed to the elimination of non-productive advertising and enhanced controls over its spending for advertising, officials said. Additionally, the company reported that it is pleased with the start-up of its Check Program, relative to both its marketing and manufacturing efforts.
 Year to date, Artistic said it has lost $107,000, or $.02 per share, on sales of $55,551,000 versus a gain of $.30 per share, or $1,764,000, on sales of $47,889,000 for the corresponding nine months in 1992.
 The company said it is confident the turnaround will continue in the fourth quarter, historically the company's best.
 The company sells and markets personalized products such as re-inkable stamps, address labels, checks, Christmas and everyday greeting cards, stationary, pens, pencils, luggage tags, and hundreds of gift items that feature personalization. The items are sold via newspapers, magazines and catalogs.
 ARTISTIC GREETINGS INCORPORATED
 Statement of Income
 (Unaudited)
 (000s omitted except per share data)
 Income Statement Data Quarter Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Net Sales $17,496 $15,846 $55,551 $47,889
 Income (Loss) Before Taxes 444 828 (271) 2,671
 Income Taxes 79 280 (164) 907
 Net Income (Loss) $365 $548 ($107) $1,764
 Earnings (Loss) Per Share $.06 $.09 ($.02) $.30
 Weighted Average Number of
 Common & Equivalent Common
 Shares Outstanding 6,053,233 5,963,512 6,087,435 5,967,208
 Balance Sheet Data Sept. 30, 1993 Sept. 30, 1992
 Cash And Marketable Securities $ 7,896 $ 6,757
 Current Assets 22,850 20,338
 Current Liabilities 11,168 8,096
 Working Capital 11,682 12,242
 Long Term Debt 1,929 2,241
 Shareholders' Equity Per Share $3.29 $3.06
 -0- 10/19/93
 /CONTACT: Richard Bast, vice-president finance, of Artistic Greetings, 607-737-5235, ext. 268/
 (ARTG)


CO: Artistic Greetings, Inc. ST: New York IN: REA SU: ERN

BM-AR -- CL023 -- 4009 10/19/93 13:12 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
Words:432
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